Las Vegas Nevada Umbrella/Excess Liability Insurance
The purpose of Las Vegas/Clark County, NV Umbrella and/or Excess Liability Insurance is to provide excess liability coverage in addition to your general liability limits for specific risks once your current general liability policy’s coverage limits have been exhausted. If you consider that doing business these days is becoming more litigious, acquiring the proper Las Vegas/Clark County, NV Umbrella Insurance Coverage is one of the main lines of defense in the event that your company faces a major lawsuit or claim. When you consider the sheer size of the rise in lawsuits being filed and the size of monetary awards growing larger, many businesses, large and small, are facing increased financial burdens. When you review your current limits on your Las Vegas/Clark County, NV General Liability Insurance Policy, more than likely, it will contain standard limits of $1 million per occurrence and $2 million aggregate.
When conducting business these days, considering the world in which we live in, it is getting more common to see lawsuits and/or claims being filed in excess of one million dollars. Now, imagine if it was your company that was held liable for a claim or judgment over one million dollars. Would your company be able to pay the amount not covered by your standard policy, and, more importantly, still stay in business? If you had planned ahead and secured a Las Vegas, NV Umbrella Policy, chances are, it would have covered the additional settlement amount, and, in turn, let your company survive and not have to resort to closing its doors. If your company is one that either distributes or manufactures a product, then acquiring an Umbrella Insurance Policy to be excess over your Clark County, NV Product Liability Policy is not just an absolute requirement as part of your insurance program, it could be one of the smartest financial decisions you can make for your company. If your company is in the Product business, you are well aware of potential lawsuits, since multi-million dollar judgments against companies that either distribute or manufacture products are becoming all too common.
Also, please take note that most or all of the exclusions that are in your current General Liability Insurance Policy will generally apply to your Umbrella Liability Policy. Another area of coverage that our brokers at PJO Insurance Brokerage urge our clients to take into serious consideration is to acquire an Umbrella Policy over their current commercial auto policy. Just think for a minute, what would a serious auto accident do to your company’s bottom line and survival? It may be a wise decision to review your current commercial Auto Liability Insurance limits, so you don’t find your company with inadequate limits after being sued for a serious at-fault accident. Also, if your Las Vegas/Clark County, NV company has employees who regularly use their vehicles in the course of business for your company, please be aware that this action could put your company at financial risk should they cause an accident which could lead to a serious judgment against your company.
Having an Umbrella policy that is excess over your Auto Liability Insurance could mean the difference between staying in business or having to close your doors. If your company would like to learn more about how acquiring a Las Vegas/Clark County, NV Umbrella/Excess Liability Policy can be a benefit to your company, please call the experienced professional brokers at PJO Insurance Brokerage.